Daily Plan 08/03

Ended last week breaking out of a seven day balance on ES and a shorted three day balance on NQ. To start this week, we must ensure buyers defend the highs or the bulk of value of the balance we are breaking out of. Failure to do so would make this a failed breakout and likely lead to new lows quickly. With a bounce near key levels on both ES and NQ on Thursday, I am leaning towards buyers stepping in and defending these levels potentially even leaving a gap.

I will not be trading this much this week as I will be traveling. Likely will not be able to provide daily outlooks as I am traveling without my laptop but I will send some messages out throughout the week.

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ES

Main focus for tomorrow is Friday’s spike base 7531. Above and buyers looking for an immediate continuation following Friday’s initial break of the seven day balance. Complete rotation back through the balance above takes us to 7590s then ATHs. Below and likely to retest some pivots below us. Notable levels are the LVN at 7501 and the upper most shelf of the multi-day balance 7475 - 77 which will be the line in the sand for buyers on a daily/weekly basis.

Above 7531, target 7550 and 7563. Continued strength above and target 7591 - 93, 7608, then 7628.

Below 7531, target 7501. Acceptance below and target 7475 - 77. Continued strength below and target 7454 and 7425.

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NQ

Main focus for tomorrow is 28450 - 500 marking off Friday’s VAH and a shelf marking off the lower end of a prior balance up here. Acceptance above and looking for a complete rotation up to 28660s and 28750s. Only upon acceptance above these levels can we look towards the lower end of the much larger balance above us starting arguably around 29200 - 230. Back into Friday’s value and looking for a rotation through Friday’s value which will be my line in the sand for buyers to start the week.

Above 28450 - 500, target 28665 and 28755. Continued strength above and target 28890, 29025 - 040, then 29200 - 230.

Below 28450 - 500, target 28190 - 220. Continued strength below and target 27820 - 850.

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